Groups protest Bank of America in Melville

About 40 protestors rallied outside a Bank of America branch in Melville on Wednesday afternoon on the day of the bank’s annual meeting, calling on the firm to do more to help those facing foreclosure.

The protestors, carrying signs saying “Bank of America, Pay Your Fair Share of Taxes” and “Corporations are Not People,” said they wanted the bank to do more to help those with its mortgages and modify various corporate policies.

They rallied on the sidewalk in front of the Bank of America branch at the corner of Spagnoli Road. and Route 110. At least one protestor said he had closed his account, asking for his balance back in pennies.

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Bank of America held its annual meeting earlier this week in Charlotte, N.C., where various shareholder proposals calling for increased disclosure, limitations on lobbying and other steps failed to pass.

At least 500 protestors marched to the Bank of America headquarters Wednesday morning blocking intersections and leading to at least four arrests, the Charlotte Observer reported.

Bank of America has unveiled various plans it says are designed to help mortgage holders, but protestors said they still leave many homeowners facing foreclosure.

“They’re not going to get more for the house than it’s currently worth,” said Lisa Oldendorp, co-organizer of the Long Island Council of Moveon.org, which organized the event. “Why not keep the original owners, modify the mortgage to reflect the current value of the house?”

Protestors handed out fliers urging the bank to “reduce principal for all underwater homeowners to current market value.”

“This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy, and create 1 million jobs a year,” the fliers said.

Bank of America didn’t return calls seeking comment, but has announced a program that lets homeowners remain in houses as tenants. The bank is asking borrowers to sign over their homes to the bank in exchange for leases at or slightly below market rent.

Critics, however, say this is just a way for Bank of America to get a stream of revenue while it holds onto homes, until it can sell them during a better economy.

“They have the most foreclosures of any bank in the United States,” Oldendorp said.

Bank of America’s acquisition of CountryWide Financial ballooned its mortgage holdings, but also brought in many mortgages that fell into foreclosure.

Oldendorp pointed to CEO Brian Moynihan’s compensation of about $7 million as particularly high, against a backdrop of laying off workers and closing branches.

“We want Bank of America to invest in American jobs and small businesses,” she said.